About THORChain

Former Australian Air Force pilot John-Paul Thorbjornsen, also known as JP Thor, has been promoting his new crypto wallet, Vultisig, which runs on THORChain a decentralized network he founded to enable cross-chain swaps without intermediaries. Marketed as more secure than other wallets, Vultisig has recently seen a spike in usage alongside THORChain.

Researchers say North Korea used THORChain to launder $1.2 billion following the biggest-ever crypto heist.

As the crypto market enters Q2 2025, both investors and traders are anticipating a shift from bearish to bullish momentum. This change is essential for altcoins to recover, as many are currently facing challenges in bouncing back.

THORChain encountered some difficulties in 2025, including announcing insolvency in January. The company made an announcement on X, revealing that it had temporarily paused its network due to significant debt and leverage problems affecting its ecosystem.

With Bitcoin on the verge of a breakout (or rejection), the altcoins are starting to stir. The altcoin market cap could already have bottomed.

THORChain has been called a money laundering protocol — a label no decentralized finance (DeFi) project wants unless it's prepared to have regulators breathing down its neck.Its supporters have fended off the criticism by championing decentralization, while its critics point to recent activities that showed some of the protocol's centralized tendencies. After exploiting Bybit for $1.4 billion, the North Korean state-backed hackers behind the attack, known as the Lazarus Group, flocked to THORChain, making it their top choice to convert stolen funds from Ether (ETH) to Bitcoin (BTC).